Standard&Poor's Ratings Services assigned ratings to the $430 million asset-backed floating-rate notes issued by Trafigura Securitisation Finance PLC. The ratings reflect the credit quality of the underlying receivables and the credit support that dynamically adjusts weekly to provide coverage for a stressed level of historical portfolio losses, dilutions, and carrying costs. Trafigura AG (TAG), a Swiss subsidiary and Trafigura Pte. Ltd., a subsidiary based in Singapore, sells the receivables to Trafigura Beheer B.V., the seller, a Dutch entity acting through a Swiss branch. Trafigura Beheer acts as originator and seller for this transaction. TAG sells the receivables from its offices based in Lucerne and Stamford, and Trafigura Pte. sells the receivables from its offices in Singapore. The obligors
